Buying a condo in New York City is a dream for millions of people. 175% of the initial mortgage principal (includes a 1. Skip main navigation. The commercial NYC Transfer Tax rate is 1. Sponsor units are desirable because they usually do not require the buyer to undergo the traditional co-op board approval process. primary residence). Negotiating with a sponsor. located at 111 Fifth Avenue, New York, New. After all, Cooperative is our middle name! Call us at (646) 201-4714 or email Brittney Baldwin at bbaldwin@ncb. 05% of the initial mortgage principal (includes a 1% New York City tax). When it comes to multifamily real estate investment, rent-stabilized housing can be an under-appreciated asset in the right circumstances. The Mansion Tax in NYC is a progressive buyer closing cost which ranges from 1% to 3. Nowadays alot of Coops are requiring 20% down to protect themselves and make sure only. The big advantage of a sponsor co-op--and the reason they are so sought-after--is that buyers do not. So if you're buying a new apartment from the sponsor, be prepared to cover the transfer tax. The sponsor will still need to assess your finances but as long as your offer is accepted—and assuming you can get a mortgage—the apartment is yours. , managing partner at Woods Lonergan PLLC, a Manhattan-based law firm that concentrates on real estate and in particular, buyer, seller, and cooperative and condominium representation. 4% and 2. Due to a change in state law, the Cooperative and Condominium Property Tax Abatement has changed for tax year 2022-23 (which begins July 1, 2022) and subsequent tax years. 1 ba. This large and bright 2Br/1. 4% transfer tax to New York State. The details of the transaction need to be worked out and due diligence needs to come back clean. The new laws require disclosure of the name of every natural person who owns a membership interest, directly or indirectly, in an LLC that is the grantor or grantee of residential property containing one to four units. 1 Bath. 60-70 Woodhaven Boulevard UNIT 3C, Elmhurst, NY 11373. Minimum sublet term: In order to deter short-term rentals, co-ops require minimum sublet terms of at least 1 year. for a total of $34 million, including this three bedroom with views of Central Park. ” Basically, a sponsor unit in a condo building is a residence that has been owned by the developer and it’s going up for sale for the first time. The apartment is located in a prewar co-op building with a 24-hour doorman, a resident super, a laundry room, a bike. Although a co-op will not reject your application for a sponsor unit, they may require the submission of an abbreviated board application for the purposes of verifying your assets and. A sponsor unit is an apartment in a building that’s still owned by the original builder/developer of the building (in the case of condos) or an owner of the building before it went co-op, who still holds “unsold” co-op shares. The 'personal use' rule usually do not apply to units cooperatives that have a 'non-harassment' plan filed as part of the conversion. Once you’ve found a place you want to buy, it typically takes between 6 and 12 weeks to close on a coop in NYC. This is the reverse of a traditional private resale where sellers pay the Transfer Taxes and cover their attorney fees. During the 1970s and 1980s, the City of New York acquired many residential buildings that were abandoned by their landlords and were in financial distress. A New York sponsor unit Sponsor units are apartments in a co-op where the real estate developer or building owns the unsold shares allocated to the unit. New York city Real Estate is made up with Co-ops, Condominiums, Townhouses and Rental Apartments. The boutique building at 100 West 15th St. The New York State Transfer Tax represents 0. 4% for homes sold under $500,000, 1. Sponsor units in NYC are more commonly found in co-op buildings that once operated as rental properties. Obviously it’s a no-brainer, if you can afford it. Sponsor units are not common in New York City real estate. 67 likes. Common charges are $355 a month. 519 E 87th St APT D, New York, NY 10128. NMLS #507535. Most Common Contingencies in NYC Real Estate Purchase Contracts. When you buy a sponsor unit, you’ll often hear that you’re buying “unsold shares. Post A Rental Listing. The New York State Office of the Attorney General has promulgated regulations that govern the offer and sale of interests in cooperatives and condominiums. 10453 is home to approximately 75,320 people and 4,921 jobs. Renters can expect to pay up to 15% of a unit’s first year’s lease to brokers. Those making a purchase in NYC should allocate money for both local and state transfer taxes. In 2019, 59 were created. Houses for Rent. But if you have a great rent-stabilized unit, make it work! There are some other options you can try in the meantime: Install window inserts, glass or custom ones using soundproof material, seal gaps along windows with acoustic caulk, hang sound-dampening curtains to block outside noise, Install double-cell shades. We’re focusing on “Residential Type 1” and “Residential Type 2” properties for this post which include 1-3 family houses, condos and co-ops – basically residential. Glacier bought unsold sponsor units in nine co-op buildings, which was the equivalent of 255 apartments, 218 of which were not rent. Many in the co-op and condo community welcome the trend because it means a decline in sublets and an accompanying rise in owner. S. The amount of leverage you have depends on whether you are an early buyer and what kind of market it is. Rental Listing Service; Closed Transactions; How it Works; Pricing; Resources Menu Toggle. They often lack amenities other than a doorman, which means you usually pay lower maintenance fees. 84% of the purchase price. RECOMMENDED IN BUY. The NYC Transfer Tax is between 1% to 1. National Cooperative Bank offers competitive rates and easy pre-qualification. However, it is likely that you will have to pay the seller's transfer tax (usually around 1. 4% of the sales price for properties below $3 million, and 0. If you're buying a NYC apartment, there are basically three main types of situations that generally warrant a professional home inspection, says Stone. Rental Unit in Financial District at 180 Water Street #302 for $3,495Buy Menu Toggle. licensed real estate brokers licensed to do business in New York and Florida, respectively, under license numbers 10991232340 and CQ1064175. , #5S, is a sponsor unit in a new building with occupancy expected for fall 2019. (But it is high for Riverdale, where the median asking price for a one bedroom is $230,000, according to StreetEasy. For mortgages of one to three family houses and individual residential condo units with initial loan balances of $500,000. RECOMMENDED IN SELL. , buying will most likely always make more sense than renting. If you want to buy a co-op in New York City without the intrusive buying experience that they’re known for—a sponsor unit is your best bet. 8 percent. The system was enacted in 1969 when rents were rising sharply in many post-war buildings. Once your purchase contract is; countersigned, your condo board will. Manhattan Mini Storage offers access around the clock, 365 days a year, with no extra charge for bulky items. 5 bath Condo with Balcony in the Luxury Building in the Heart of Rego Park. It typically takes between two to three months to close on a sponsor co-op apartment in NYC. 2 million, and he paid $5,027,609 when the deal finally closed on Dec. 075% depending on the property’s price. One of the best things about buying a sponsor unit in NYC is that you can forgo giving up days of your life putting together a massive coop board package. I was in contract for a $450K studio but then Board declined my application. Nuances to Buying a Sponsor Unit Co op in NYC. In a co-op, a sponsor unit is. Board Approval Contingency. 10 Things You Need to Know Before Renting in NYC; What are Sponsor Units in New York City Real Estate? Your Guide to Renting an Apartment in New York City; Latest Trends in New York City Real Estate: 2023; Top 10 Things to Consider When Buying a Home in. Buying a Sponsor Unit. The first step in buying a condo in NYC will be setting a budget for your purchase. September 26, 2023. coop . undivided interest in the common elements of the building. NMLS #507535. With 40 years of lending to buyers in New York City, NCB is the bank for co-ops. While the low-interest-rate-fueled buying spree of the past few years burned through most of New York City’s residential inventory, it barely touched Manhattan’s newly built trophy apartments. When a wave of rental buildings were converted to co-ops in the 1970s and 1980s, existing tenants had the option to buy their apartments or keep renting. ) Here are a few major things the board will look at. What is a sponsor unit? What are the advantages to buying a sponsor apartment in New York City? What are the negatives to. 5. Most sponsors ask for 10 or 15 percent down when you sign the contract. The apartment, which is in a 31-unit building that is still selling sponsor units, has steadily improved in value. If you prefer to use a map view, click See all neighborhoods and select neighborhoods directly from. Associated with Compass. Regardless of whether you buy from the sponsor or from someone selling a unit, what you get in a coop is the same. RECOMMENDED IN. According to attorney Aaron Shmulewitz, a partner with the New York City-based law firm of Belkin Burden Wenig & Goldman, LLP, a sponsor unit is an. You must pay the Real Property Transfer Tax (RPTT) on sales, grants, assignments, transfers or surrenders of real property in New York City. And you would pay 0. A sponsor is a person or business entity starting a condo or co-op through conversion or as new construction. 25th St. Exceptions include sponsor units that were held aside by. Sponsor units in NYC are more commonly found in co-op buildings that once operated as rental properties. However, these can be ponderous tomes to read through. 227-07 Hillside Ave Unit Duplex, Queens Village, NY 11427. Subletting a sponsor-owned apartment is much simpler. This model allows prospective first-time homebuyers to enter a rental agreement or lease (‘rent to own contracts” or “rent to own lease”) with a property owner for a specified lease term, and this term is typically anywhere from one to three years. 4 billion in the the third quarter, 7% less than during the same period in 2022. See pricing and listing details of Forest Hills real estate for sale. 425 to 1. 101 Jackson Ave Unit 1E, Mineola, NY 11501. , 75 Wall Street, and Greenwich West at 110 Charlton Street. But the range can be vast, depending on the co-op—anywhere from 10% down (rare) to 50% or more at higher-end buildings. 4% to 2. It's one of the last. 425% for sales of condos, co-ops and one- to three-family houses. On market Nov 27. In a co-op, a sponsor unit is owned either by the original owner or is one the co-op corporation converted from a rental. However, the real market for sponsor units is in cooperative buildings, most of which underwent conversion from rentals to co-ops over the past three decades. There aren't that many 100%-sold co-ops. A Chinese investor bought two sponsor units at 111 West 57th St. A common rule of thumb for buying an apartment in NYC is to have roughly 30% to 35% of the purchase price saved in liquid assets even if you are only putting 20% down. 825% of the purchase price if the price is over $500K and 1. The OP needs to find out exactly which of units the sponsor owns. 65% on sales from $3m. Next, let’s assume this property has $1. The advantage of buying a sponsor unit in a co-op is that you get to bypass the board interview. $315,000. The transfer tax is based on the purchase price of the property. This flip tax is still under the average 1%-2% for most NYC co-ops over $500k. A condominium (condo) is a single real estate unit in a multi-unit development in which an owner has both of the following: separate (individual) ownership of a unit. Marketing for sale Sponsor (& Re-sale) Units in NYC. Estimate your buyer closing costs in NYC with Prevu's interactive calculator. Buyer Closing Credit; Search for Listings; Closed Transactions; Sell Menu Toggle. Come visit. Studio. 330 E 38th Street UNIT 12-N, New York, NY 10016. Buy Open Buy sub-menu. View property. The purchase price for new development may include: Sponsor’s attorney fees. Buy Open Buy sub-menu. Yes exactly. The main difference to be aware of for sponsor unit purchases is that the developer or sponsor may trip to flip some of the seller's closing costs onto the buyer. ∙ 4 Sadore Ln Unit 1Y, Yonkers, NY 10710 ∙ $340,000 ∙ MLS# H6260960 ∙ SPONSOR UNIT with NO Board Approval and only 10% down!sponsor unit means you are the first to have bought that unitYou bought it from the developer as opposed to a previous owner. Higher prices. When it comes to multifamily real estate investment, rent-stabilized housing can be an under-appreciated asset in the right circumstances. . 84-70 -th Street #4S, Kew Gardens, NY 11415. In West Chelsea, this 1-bedroom HDFC unit is asking just $299K — significantly lower than average for the neighborhood. 4 percent transfer tax to New York. Buying a sponsor unit in a converted co-op or. 17. The NYC Mansion Tax consists of 8 individual tax brackets. Since owners of co-op apartments are technically tenants vs owners of real property, the board of the co-op corporation which actually owns the building has enormous power over the residents. This is the reverse of a traditional private resale where sellers pay the Transfer Taxes and cover their own attorney fees. 485. But they are no longer common. It has a four-and-a-half star rating with 1,202 customer reviews. There's a condo that I'm interested in but it's been on the market for more than 2 years. Basically the sponsor waives their right to evict on these grounds for themselves and their successors and assigns and in return stabilized tenants are incentivized to vote for the plan to convert. Negotiating the deposit. A special category of apartments in New York City are called “sponsor units. coop . Compass Exclusives. As a result, sponsor unit transactions can close faster with less hassle, although there are extra closing costs to consider during offer negotiation. 8% of the initial mortgage principal (includes a 1. Here are five great sponsor units. For Residential 1-3 family homes, condos, and co-ops the New York State transfer tax rates are as follows: Let’s say you purchased a new development condo for $1,000,000. 98-120 Queens Boulevard, Unit 4G. Listing by EXP Realty. experienced brokers and they are ready to help you buy or sell your piece of NYC real estate. By virtue of the fact that these are sponsor units, no board approval is required for these co-ops. $355,000. This can be both good and bad for the OP and should be looked into. 9% for properties purchased for $25,000,000 or greater. 2. 10% of annual maintenance (1st year) 20% of annual maintenance (2nd year) 25% of annual maintenance (3rd year) Annual sublet renewal fee — many coops in NYC will charge shareholders an fixed ‘annual sublet renewal fee’. (A TCO is a temporary certificate of occupancy, which means the building can be inhabited but there is still some work to be done on it. NYS Tenant and Neighbors Coalition 212-608-4320. Sponsor units are free from many rules and restrictions, making it easier for buyers to close and move in. It's a lot, but you need it. 425% for those $500,000 and up. That happened to Lincoln Towers, for instance. com. . ’s coal business, ending a months-long saga that transfixed the mining industry and setting the. coop . If price > $499,999 then 1. For Luis Vargas, the answer was to buy a sponsor co-op for his mom—one of the big incentives to buying these types of apartments is that you can skip the board approval process. In a typical resale transaction, such transfer tax is paid by the seller. How buying real estate in NYC is unlike anywhere else. What does this mean for her?, Which document or documents will help the cooperative buyer learn how the board operates and learn the cooperative's future plans? and more. How buying real estate in NYC is unlike anywhere else. The system has been extended and amended frequently, and now about one million apartments in the City are covered by rent stabilization. Q What should a buyer be aware of when purchasing a sponsor unit in a prewar co-op?. The earlier you have this, the better. , #5K, in Prospect Lefferts Gardens is on the market for $695,000. 4) transfer tax to New York state. Co-op/Condo Abatement - Frequently Asked Questions. Frigidaire FFRE053WAE window-mounted AC, Amazon, $209. Sponsors will need to deliver a unit in accordance with both the Offering Plan and the Purchase Agreement. 2. The benefits of buying into a. To negotiate a transaction that benefits both parties, work with a buyer's agent. The new, conforming loan limit for mortgages that can be acquired in high-cost areas like New York City is $970,800, an increase from $822,375. E. Share 0. What is a Sponsor Unit? It's important to understand the definition of a sponsor unit and how it's somewhat different from a brand-new co-op or condo apartment that becomes available on the market. 9 million and reselling it for $7. Mansion Tax must be paid on all real estate purchases over $1000000. Co-op in Forest Hills. In the past month, 2 homes have been sold in 10453. Taxes are $497 a month. Set Your Price Range. , #405, is going for $975,000. 825% of the purchase price onto your closing costs if the property is priced over $500,000, or 1. In a nutshell, Himmelstein says, “Don’t. You’ll need to know how much you can afford or want to spend before starting your search. There are roughly 3,644,000 homes in New York City. Pros of buying a sponsor unit in NYC. So, what is a sponsor unit anyway? Essentially, it's a unit that's never been sold. The sponsor is selling 2 similar studio units for $565K and $575K, without Board approval. It can also mean higher closing costs, however, and, in the case of. You pay NYC transfer taxes of 1% of the purchase price because it's under $500,000. Anyone deemed worthy by the sponsor and a mortgage lender qualifies to buy the apartment, and the co-op has no control over who moves in. Its iconic skyline is a testament to human ingenuity, ambition, and the relentless drive for…. Dear Board of Directors, It is with great pleasure that I write to you about my application to. This 5,000 BTU unit is the best-selling model on Amazon, and is ideal for a 100- to 250-square-feet room. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place. And if you’re a buyer who. setting himself a positive precedent by buying a sponsor unit for $4. So in Manhattan, where the median monthly rent is $3,100 (as of August 2021), that means an upfront fee of $5,580, on top of the first month’s rent and. Price cut: $100,000 (Nov 8)Determine your closing costs in advance when buying a condo, co-op, or home in NYC. 3 bds; 3 ba; 1,700 sqft - Condo for sale. 8% of the initial mortgage principal (includes a 1. You can find this luxury amenity at new developments like Jolie at 77 Greenwich St. . Updated March 8, 2022. Buy Open Buy sub-menu. So, instead of buying your new apartment from the prior owner, you are buying it from the original developer or corporation who made the building. Buyer Closing Credit. However, this term can have a different meaning depending on whether the unit is in a. However, it is likely that you will have to pay the seller's transfer tax (usually around 1. coop . A CO or certificate of occupancy specifies how a building may be used, how it's zoned, and how many residences are permitted. This is a 3-bed, 2-bath, 1,350 sqft property. In NYC real estate, a listing being labeled “sponsor unit” means the apartment is on the market for the first time. But this apartment in Tudor City, 321 East 43rd St. It's not the regulations of the co-op board, but rather it's the terms of the proprietary lease. HDFC buildings were created in the 70s, and 80s to allow tenants to break free from their “slumlords” to form cooperative buildings. Sponsor Unit - Forest Hills New York Real Estate. This sweeping power vanishes, however, when a sponsor sells a unit. Similar to when buying in a new development, it is customary for the buyer of a sponsor unit to pay the New York State transfer taxes and New York City transfer taxes on behalf of the seller. 3 Seller is not a “sponsor” or a nominee of a “sponsor,” or a successor. 110-38 64th Ave #36/35B, Forest Hills, NY 11375. The big advantage of a sponsor co-op--and the reason they are so sought-after--is that buyers do not. Also, some co-ops and condos management boards will not let a unit go for under what they deem an exceptable threshhold (they have the option to buy the unit themselves and then resell it). Watch on New York City brokers define sponsor units as rent-controlled apartments in converted co-op or condo buildings that weren’t sold during the initial. Price Cuts: One57 penthouse gets $11 million reduction; Upper West Side condop discounts 3- and 4-bed sponsor units (Jun 27, 2023) When, why, and how to negotiate the purchase of a furnished apartment + Fully furnished New York City apartments (May 24, 2023) Waterline Square penthouse leads Manhattan sales at $25. This Kips Bay one-bedroom, one-bath unit is in an investment-friendly co-op building, which allows subletting from day one. Nearly half of luxury units across seven buildings in the uber-exclusive Midtown Manhattan stretch — where apartments have sold for. This condo overlooking the High Line comes with a rather startling deal: Two free years of common charges. If it’s a five-unit building and the roof needs $100,000 of repairs, you know where the building is going to. Most Common Sublet Policy: 1-2 years of subletting permitted after 1-2 years of initial occupancy by the shareholder. The Living Room Features Floor-to-Ceiling Windows, Plenty of Natural Light, Hardwood Floors Throughout, Open Concept. A sponsor unit is a co-op unit that belongs to the sponsor, the building’s developer. licensed real estate brokers licensed to do business in New York. It's not the regulations of the co-op board, but rather it's the terms of the proprietary lease. The mortgage recording tax is 2. This amounts to about 2 percent of the property price. $440,000 Last Sold Price. once I buy it will it still be a sponsor apartment, and are there any cons to buying one. Thank you sharing your experience. And it is a mistake to sign on the dotted line unless you truly understand the particulars of buying here, such as tax abatements, sponsor units, and the big one: The difference between a co-op and a condo. Calculating the transfer taxes you may pay for a sponsor unit coop purchase can be tricky and beyond the grasp of even many real estate lawyers. Mansion tax. A buyer of a unit in a building or group of buildings that is under construction should first understand that the text of the offering plan governs the sponsor's obligation regarding the size and construction of the buildings, units and any ancillary spaces such as recreational facilities, parking spaces, or roof top cabanas, to name a few. The boutique building at 100 West 15th St. 5 million (May 22, 2023)Example: One unit of a two-family house is used for residential purposes, and the other unit is used for commercial purposes as a retail store. In New York City, the transfer tax is 1% of the purchase price on properties less than $500,000, while it is 1. After all, Cooperative is our middle name! Call us at (646) 201-4714 or email Brittney Baldwin at [email protected] a certain type of apartment hunter, a sponsor co-op—that is, an apartment that was once a rental, and is still owned by the original owner or corporation of a building that's now co-op—is the be all and end all of NYC real estate. The argument for buying is even more persuasive in a market with low mortgage rates. They're back: NYC buyers can expect more competition from foreign investors in 2023. The Pros and Cons of Buying a Sponsor Unit in NYC Sponsor units in NYC are more commonly found in co-op buildings that once operated as rental properties. This two-bedroom, one-bath sponsor co-op 163 Ocean Ave. 81-16 Langdale Street UNIT 250A, New Hyde Park, NY 11040. The advantage of buying a sponsor unit in a co-op is that you get to bypass the board interview. In a Prewar Co-op. Here's a checklist of things to look out for in a New York City apartment. New Construction. In this week’s Buy Curious, guest broker Eydie Saleh of Mirador Real Estate shares her intel on co-op sponsor units so you can determine whether they may or may not turn you into a homeowner after all. If a tenant didn’t buy, the sponsor of the co-op conversion, usually the building owner, retained ownership of the apartment and continued renting it to the tenant. The 421a tax exemption can bring your taxes down from 10-25 years. New York, NY 10010. Sponsor units don’t require board approval, and there are co-ops in various types of unique circumstances where certain units may not be sponsor units but. 62-54 97th Pl Unit 14B. 425%. Open Houses. First time home buyers will often be confused by the term ‘sponsor’ as it relates to buying a sponsor unit in NYC. You are not truly buying the property. Recently Sold. Yes sponsor rights can be sold. (OneKey® MLS as Distributed by MLS Grid) For Sale: 2 beds, 2 baths ∙ 1200 sq. 5 million. ) Without this document, buildings cannot be legally inhabited. So if the loan amount is conforming. However, case law suggests that a real estate buyer’s broker in NYC must show a “ direct and proximate link between the bare introduction of the purchaser and seller and the transaction . Main Menu. The pandemic upended New York City’s real estate market,. You can report building occupancy that goes against its authorized use or past conversion to a room, space, apartment, or building that was done without DOB approval. Buy Menu Toggle. See more ideas about nyc, home buying, closing costs. Once the landlord gets the requisite number of purchasers, the conversion will be approved and the building will go condo—but for those stabilized tenants who don’t want to buy, they can continue to rent. 2. A condominium, co-op, or apartment that the builder or investor has kept after selling the other units is referred to as a sponsor unit. 175% of the initial mortgage principal (includes a 1. Glacier bought unsold sponsor units in nine co-op buildings, which was the equivalent of 255 apartments, 218 of which were not rent. Top floor apartment with lots of sunlight, ample closets and hardwood flooring under the carpeting. Transfer taxes (sponsor co-op and new condo buyers only): If you buy a brand-new condo or a co-op directly from the sponsor, you may also wind up paying a NYC transfer tax of 1 percent of the purchase price on purchases is $500,000 or less and 1. A sponsor co-op apartment is one that is owned by a building's original owner or the corporation responsible for converting the building from a rental into a co-op. The amount of leverage you have depends on whether you are an early buyer and what kind of market it is. Contract of Sale—Condominium Unit. Although you current income reflects own position and the region of the country he living in, his new job will pay $120,000 per year. Buy Menu Toggle. $139,000. Berkshire Hathaway HomeServices New York Properties’ President Ellie Johnson invites you to an intimate conversation with one of New York City’s super brokers and a 30-year industry veteran,. For example, sponsors allocate common areas to individual units, and some sponsors measure the outside of the walls if it gets disclosed. It’s in One Manhattan Square, a building that will have a 75-foot swimming pool, a basketball court, a bowling alley, a squash court, and a golf simulator. and filed with the New York City Register. 1 bath. Established in 2011, the GrowNYC Compost Program strives to make composting second-nature for all New Yorkers by operating residential Food Scrap Drop-off sites and partnering with community composting facilities to make compost locally. Buyer Closing Credit; Search for Listings; Closed Buy;. As a result, you are buying a sponsor unit from the building’s original developer or company rather than the previous owner. Apartments for Rent. 110-15 71 Road #2E. Sponsor unit - no board approval required. 825% for those that go for $500,000 to $2,999,999, and 2. buying Co-ops family retiree sponsor unit. Moving to NYC after college? Here's how to do it . Tend. Buying a new development condo can take about 20 weeks from the initial search to closing. With mortgage rates at record lows, it’s a great time to buy an apartment in NYC. Broker Fees in NYC: Do They Still Exist? In May 2021, New York State affirmed that broker fees were legal. “When you purchase from a sponsor you do not have to. Pay a premium price for the convenience of no board approval; Re-sale poses the hurdle of board approval for the next buyer; Higher closing costs similar to new developments; When do sponsor units list for sale? What is a sponsor unit? What are the advantages to buying a sponsor apartment in New York City? What are the negatives to buying a sponsor unit co op? What are some nuances to calculating transfer taxes owed for a sponsor sale coop? We'll teach you everything you need to know about buying a sponsor unit in NYC. WELL. 2. One of the sticking points that stops some people from buying coops is that you're buying shares in the coop's corporation which gives you the right to live in a particular unit. Save 6% when your sell alternatively get a 2% commission rebate when you get in NY & FL with Hauseit. What are the Benefits of Buying a Sponsor Unit? What are the Benefits of Buying a Sponsor Unit?Occupants who didn't buy were allowed to continue renting in the building. This info includes the price, buying procedures, the. Search NYC Apartments . 9% of the purchase price on sales of $1 million or more.